I do not think Mallya's involved: Saroj Poddar

Interview with Chairman, Adventz Group

When Saroj Poddar, chairman, Adventz Group, bought 10 per cent stake in Mangalore Chemicals and Fertilizers (MCF) in April via the group's fertiliser arm Zuari Industries, he had told Business Standard he didn't want any competitor to get the stake. Now, in a sudden move, Deepak Fertilisers has bought a 24 per cent stake in MCF from the open market. Shortly after the news, Poddar spoke to Digbijay Mishra on what he makes of the deal. Excerpts:

What do you make of this sudden buying by Deepak Fertilisers?
Well, I can only say they must have thought of MCF as a solid potential. That's why they have bought those shares.

Is this development a spoilsport, especially when you were so keen to increase stake in MCF?

I can't say that at this moment. We will sit and decide on what has to be done.

There is a buzz this move is influenced by Vijay Mallya?
I do not think he (Mallya) is involved in it.

After acquiring a 10 per cent stake in April, you were planning to meet Vijay Mallya. Is that happening any time soon?
That is for Mr Mallya to decide and his management will take a call.

What is going to be your next move? Would you try increasing your stake via open market buys?
No. I cannot comment on it as I have no idea what is going to be the next move. Let's wait for some time.